Cocoa butter is the edible natural fat of the cacao bean, extracted during the process of making chocolate and cocoa powder. Cocoa butter has only a mild chocolate flavor and aroma.

During processing of the cacao bean, cocoa powder and cocoa butter are separated out at an early stage. The two are recombined in the manufacture of regular (brown) chocolate bars. The confection known as white chocolate contains cocoa butter but not cocoa powder.

Cocoa butter has a melting point of around 34 to 38 degrees Celsius (93 to 100 degrees Fahrenheit), rendering chocolate a solid at room temperature that readily melts once inside the mouth.

Cocoa butter is one of the most stable fats known, containing natural antioxidants that prevent rancidity and give it a storage life of two to five years, making it a good choice for non-food products. The smooth texture, sweet fragrance and emollient property of cocoa butter make it a popular ingredient in cosmetics and skin care products, such as soaps and lotions.

It has been said to enhance a suntan and help fade the appearance of scars and stretch marks, although its effectiveness is uncertain. Less commonly, it has been used as an excipient in rectal suppositories.

Cocoa butter has α, γ, β', and β crystals, with melting points of 17, 23, 26, and 35–37 °C respectively. The production of chocolate typically uses only the β crystal for its high melting point. A uniform crystal structure will result in smooth texture, sheen and snap.